A portmanteau of "Jubilee" (as in HM The Queen's Diamond Jubilee) and "Olympics" (as in the quadrennial sporting event), both of which are being heavily exploited by the UK media and retailers in advance of the two events (early June, late July - although with the Olympic Torch Relay in progress since late May...)

- What are you planning to do for the Jubilympics?
- Emigrate as far away as possible - preferably to a desert island.